Estate Law Questions? Ask an Estate Lawyer.
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Since you inherited this money, there would be no gain and thus no tax on the sale of your interest in the property. That's because when your mother died, the basis of the property is adjusted to its fair market value of the property and thus when you sell it for its fair market value, there is no gain and thus no tax. If you can't get them to purchase your interest, you could distribute the property in undivided percentage interests and then force the sale by filing a suit for partition. When there are co-owners of property and one or more want to sell (Group A) and one or more do not want to sell (Group B), if Group B won't either agree to sell or purchase the interests of Group A at a price agreeable to Group A, then Group A can file a suit for partition. The result of that suit will be one of the following: i) if the property can be equitably subdivided, the court will order the property divided into smaller parcels with each owner then owning 100% of their own smaller tract with full control over that tract; or ii) if the property cannot be equitably subdivided, the court will order the property sold and the proceeds divided. The reality is that in most cases, once Group B finds out the certainty of the result of a suit for partition, those in Group B typically agree to the sale without the suit to avoid the costs of the suit.
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